Fri, 27 Jul 2012 | ADMINISTRATION
AW Developments (Liverpool) could be placed into a CVA arrangement by Begbies Traynor administrators.
The property development firm entered financial trouble, owing its bank lender, Allied Irish Bank, nearly £3 million. At the time of being placed into administration in May 2012 it also owed £998,869 to unsecured creditors, with £939,951 of this amount owed to its main shareholder Mr Whalley through a director’s loan.
If the CVA process is given the go ahead these amounts are likely to be reduced, a news report from Begbies Traynor said.
Established in 1988 by Alan Whalley, AW Developments is presently non-trading. Its project to regenerate the 2.3-acre, former Kensington Indoor Market site in East Liverpool is on hold.
Planning consent had previously been granted to build a 50,000 sq. ft. supermarket, new retail units, car parking and housing in Liverpool. The site was placed on the market in March 2012 by Mark Swiers and Daniel Hardy, the joint fixed charge receivers to AW Developments.
“AW Developments (Liverpool) is a long established builder and developer,” Begbies Traynor’s report reads.
“With no prospect of repayment of the loan while the [Kensington Market] site was being marketed, Allied Irish Bank appointed Law of Property Act receivers over the site in October 2011.
“The company has struggled over recent years with a lack of incoming work, as well as suffering from cash shortfalls caused by delays in selling the Kensington site.”
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